Foreclosure conversions in the Windy City
The Obama administration is looking to entice investors into redeveloping foreclosed properties. Amy Hoak of the Wall Street Journal shares the story of one Chicago-based real estate firm that’s been in the business of converting foreclosures into rentals for some time. Mack Companies cherry-picks houses located in communities with solid infrastructure and good schools. Of course, the mechanics of the house also matter. Older homes that require new plumbing, roofing, and windows, for example, may be passed up for newer properties that need moderate repairs or updates. Mack companies is on track to redevelop 250 homes this year, setting the pace for investors elsewhere.
